TAILIEUCHUNG - Global Governance after the Financial Crisis: ANewMultilateralism or the Last Gasp of the Great Powers?

In addition to the results prepared in accordance with generally accepted accounting principles ("GAAP"), the company uses adjusted EBITDA, a non-GAAP financial measure, in analyzing and assessing the overall performance of the business. The company defines adjusted EBITDA as loss from continuing operations before income taxes, interest income and expense, depreciation and amortization, stock based compensation, restructuring expense, acquisition and integration expenses and certain other non-cash income and expense items. The other non-cash items include the purchase accounting impact to revenue of acquired deferred revenue, which would have been recognized if not for the purchase accounting treatment, a charge to. | Global Policy Volume 1 . Issue 1 . January 2010 51 Global Governance after the Financial Crisis A New Multilateralism or the Last Gasp of the Great Powers Research Article Ngaire Woods University of Oxford Abstract In the wake of the global financial crisis three G20 Summits have reinvigorated global cooperation thrusting the International Monetary Fund centre stage with approximately 1 trillion of resources. With China Brazil India Russia and other powerful emerging economies now at the table is a new more multilateral era of governance emerging This article examines the evidence. It details the governance reforms and new financing of the IMF but finds only very limited shifts in the engagement of major emerging economies insufficient to position the IMF to address the global imbalances to set new multilateral rules to operate as an alternative to self-insurance or indeed to provide a more multilateral response to the development emergency. The IMF is shifting between borrower dependence relying on fee-paying borrowers for income independence with its own investment income and lender dependence relying on wealthy members to extend credit lines to it . The result is an ambiguous set of forces restraining the IMF to stay as it is and only weakly driving reform. A new order may emerge in which multilateral institutions such as the IMF end up with only a limited role to play alongside emerging national and regional strategies unless a more radical transformation begins. Policy Implications IMF governance decision-making majority location management and staffing needs to transform fast if it is to address the tasks assigned to it by the G20. The IMF s dependence on loans from its wealthiest members for its new 600 billion restrains the institution from serious reform only weakly offering a driver for further change. There has been a failure to mandate and resource the IMF and its sister institution the World Bank so as to ensure a multilateral response to the .

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